Shearman rebounds with 12 per cent PEP rise

Shearman & Sterling has posted encouraging year-end results, with average profit per equity partner (PEP) increasing 11.76 per cent.

Shearman, which became the latest US firm to announce its 2007 financial results on Wednesday (20 February), grew PEP from $1.64m (£819,000) to $1.847m (£923,000) during 2007.

Turnover increased by 9.4 per cent from $842m (£420m) in 2006 up to $921m (£460m) at the end of the past financial year. Revenue per lawyer at Shearman grew by 6.3 per cent to $1.07m (£534,000) in 2007 from $1.01m (£504,000) in 2006.

Last year the firm reported a disappointing rise in turnover of just 1 per cent, increasing from $835m (£417m) in 2005 up to $842m (£420,000).

Last week (11 February), The Lawyer revealed that US giants Latham & Watkins and Skadden Arps Slate Meagher & Flom both broke through the $2bn revenue barrier, posting revenue of $2bn (£1bn) and $2.02bn (£1.03bn) respectively.

DLA Piper has announced the highest revenue results so far, with a global total of $2.1bn (£1.05bn).